Is This A Good Deal?

Seems like fox body values have hit their high and may be coming down now unless they are mint or Clair to it? Anyway I have been looking for a project 5.0 to slowly build into a track/weekend cruise car. It is going to be a slow build as I have too many hobbies but miss having a mustang. I found a 1988 mustang lx hatchback 5.0 5spd for $1000. Hoping to get it for closer to $800 as I'd spend at least $250 going to get it. It's needs a few odds and ends, trans grinds, hatch lid is rusty, floors need some patch work and sounds like it might have some electrical issues, needs a paint job. Mods are exhaust and intake. Seems like a decent deal to me? Now I need to talk the wife into it! I figured I'd probably part the hood, 10 holes and tires, full aftermarket exhaust out since I'd be going a different route with the car. What could I expect to get out of those parts assuming good condition? Thanks for the help!

Super Mod

If it were me, I'd pass....but that's mainly because I hate dealing with rust. If it's got holes in the floor, you can bet it's also weak in other area's too.

I bought my Coupe in similar condition and it took me weeks to rebuild a lot of those area's. I lucked out and was able to remove the afflicted area's in sections and weld in proper patches and the car is solid now, but I can't say I'd want to go through it again. I'd rather just wait for a rust free car to come along.

Yea actually surprisingly for my area this one is fairly good on the rust side considering its a 26 year old car. Floors only have surface rust and the wheel wells and doors look pretty good. Hatch is rusty but that's to be expected.

SN Certified TechnicianFounding Member

I would part it out. The rusty floorpans worry me. I'm convinced if i check the strut towers, i'll find rot there as well. There is also bubbling in the lower rockers and on the 1/4 panel that concern me. I bet there's a lot of hidden rust on that car.